OregonRelating to conditions for financing a transaction involving a motor vehicle.
What it does
Requires a seller in a motor vehicle transaction that involves a retail installment contract or lease agreement to make a good faith effort to sell the retail installment contract or lease agreement to a lender on the exact terms that the seller and buyer negotiated. Requires the seller to undertake certain actions if the lender does not agree to buy the retail installment contract or lease agreement within 10 calendar days after the buyer takes possession of the motor vehicle. Prohibits the seller from selling or paying off a loan balance for any trade-in vehicle that is part of the transaction before receiving a lender's final approval of funding.
More detail
Specifies the liabilities a seller has for failing to comply with the prohibitions. Requires the seller to provide the buyer with certain disclosures before concluding the transaction. Punishes a violation of the Act as an unlawful practice under the Unlawful Trade Practices Act.
Where do you stand?
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jun 6Chapter 81, (2025 Laws): Effective date January 1, 2026.Latest
- May 14Governor Tina Kotek signed.Became Law
- May 8President signed.Major
- May 8Speaker signed.Major
- May 6House concurred in Senate amendments and repassed bill.
- Vote recorded House concurred in Senate amendments and repassed bill. Result: pass.Lower
- May 1Third reading. Carried by Taylor. Passed.Passed Senate
- Vote recorded Third reading. Carried by Taylor. Passed. Result: pass.Upper
- Apr 30Second reading.Minor
- Apr 29Recommendation: Do pass with amendments to the A-Eng. bill. (Printed B-Eng.)Minor
- Apr 24Work Session held.
- Vote recorded Heard and Reported Out with Amendments. Result: pass.Upper
- Apr 22Work Session held.
- Apr 17Public Hearing held.
- Apr 10Referred to Labor and Business.Minor
- Vote recorded Third reading. Carried by Sosa. Passed. Result: pass.Lower
- Apr 10First reading. Referred to President's desk.Minor
- Apr 10Third reading. Carried by Sosa. Passed.Passed House
- Apr 9Rules suspended. Carried over to April 10, 2025 Calendar.
- Apr 8Rules suspended. Carried over to April 9, 2025 Calendar.
- Apr 7Second reading.Minor
- Apr 4Recommendation: Do pass with amendments and be printed A-Engrossed.Minor
- Apr 1Work Session held.
- Vote recorded Heard and Reported Out with Amendments. Result: pass.Lower
- Feb 4Public Hearing held.
- Jan 17Referred to Commerce and Consumer Protection.Minor
- Jan 13First reading. Referred to Speaker's desk.Introduced